“War is God’s way of teaching Americans geography.” Ambrose Bierce
Since 1946, stock market declines of 10-20% have happened 29 times, 20%-40% nine times, and 40% or more three times. Two takeaways: First, most stock market pullbacks above 20% have been associated with recessions (there have been 12 since 1946). Second, for long-term investors, severe pullbacks of 20%-40% are rare or don’t last very long – only 14 months. CNBC, January 25, 2022
Real income for the bottom 50% rose a stunning 11.7% in 2021. Axios, May 3, 2022
This has been the worst year for the bond market since 1842. Not since the bottom of the pre-Civil War depression has the broad bond market performed worse in a complete year than what happened so far in 2022. The Wall Street Journal, May 6, 2022
The IRS budget declined by 20% since 2010, even as the number of taxpayers increased by 19%. Axios, January 20, 2022
The boxy Soviet-era car brand, the “Moskvitch,” could be making a comeback in Russia. Moscow said it planned to nationalize the factory belonging to the French carmaker Renault following its exit from the country. The development was “met with ridicule by Russians with long memories.” The Moskvitch was one of the Soviet Union’s most popular car brands but it was not known for its quality. The Week, May 27, 2022
A fellow in Moscow bought a new car. The dealer said, “Congratulations. Come back 10 years from today and you can get your car.” The man asked, “When should I come back? In the morning or the afternoon?” The dealer was puzzled. “After 10 years, what difference does it make when you come in?” The man said, “Because the plumber is coming in the morning.” Ronald Reagan
